TranzactCard Review – Is Tranzactcard.com a Scam or a Good Idea?

What is TranzactCard?

There is an online marketplace on the internet called Tranzact Card (Tranzactcard.com) that advertises itself as a market that benefits everyone by reducing the cost of essential goods and services.

This platform collaborates with banking commission structures and distribution systems of manufacturers to redistribute profits and prices.

The Tranzact Card is an transaction card that can be used both physically and digitally. It features the well-known Visa bank card branding and is recognized worldwide.

It’s important to note that Tranzact Card is not a bank itself. Instead, it partners with Solid Financial Technologies, Inc. to provide banking services to its customers.

Is TranzactCard Legit or Scam?

TranzactCard LLC is a company that is completely owned by TZT Holdings LLC. TZT Holdings possesses the brand “TranzactCard” as well as the TranzactCard Financial Ecosystem.

Richard Smith, as stated on his LinkedIn profile, holds the position of Executive Chairman at TZT Holdings.

In summary, Richard Smith is the owner and operator of TranzactCard. It is operated from the United States. The mailing address is in WY, but the map address is 746 E 1910 S Suite 2 Provo, UT 84606. There is no such company in this location on a Google map. You would think that a company with such financial prowess would at least be listed on a Google map.

Who is Richard Smith?

In mid-2016, the world first learned about Richard Smith through Divvee, though at the time it was not yet known to be an MLM.

At first, Smith chose to stay behind the scenes and let CEO Allen Davis take the forefront, despite being a co-founder of the company. However, Divvee’s original concept was unsuccessful and it was rebranded as Divvee Rank and Share in November 2016. Eventually, Smith and co-founder Troy Muhlestein took on more prominent roles within the company.

By July 2017, it became evident that Divvee Rank and Share had also failed to gain traction. This prompted a shift towards engaging in fraudulent activities related to forex trading, securities, and commodities.

Subsequently, Nui emerged as a continuation of the aforementioned fraudulent schemes involving securities and commodities. Under the leadership of Darren Olayan, Nui became involved in various crypto-related schemes. The situation reached its peak when the state of Texas issued a cease and desist order for securities fraud in July 2018. In February 2019, the Texas State Securities Board imposed a fine of $25,000 on Nui.

The exact timeline of Richard Smith’s departure from Nui is unclear, but he reappeared in March 2019 with The Digital Vault and RevvCard. These initiatives aimed to provide fiat banking services in connection with Nui’s crypto fraud. In April 2019, The Digital Vault was relaunched as R Network, while RevvCard had yet to launch and was scheduled to do so eight months later.

By mid-2020, the original concept for RevvCard had been abandoned, and Smith began offering stock ownership in R Network, despite neither himself nor the company being registered with the SEC (Securities and Exchange Commission).

Following this, R Network gradually faded away without much fanfare. In March 2021, what remained of R Network was sold off to iX Global.

There was no further news about Smith until TranzactCard emerged around April 2023.

TranzactCard is not the only platform accused of scamming users. It’s important to remember infamous scams like FXMinin, Exteom, Lenz Capital and others, to better protect oneself in the digital trading space.

TranzactCard: Products

TranzactCard offers a VISA credit card for sale, which is available for both retail customers and hired associates to apply for.

One of the key features of the VISA TranzactCard is the Z-Bucks rewards program. Z-Bucks are earned at a rate of 1 Z-Buck for every dollar spent using the card. They can only be spent in the Z-Club, that is, only on the TranzactCard site.

TranzactCard allows users to redeem their accumulated Z-Bucks for the purchase of various products and services within the domestic market.

To become a TranzactCard member, there is an initial cost of $25 for a 12-month membership. After the first year, members can choose between a monthly fee of $4.95 or an annual fee of $47.50.

TranzactCard advertises the Power Save Account as a comparable bank account. It is, you might say, a second product.

You can make an account with a one-time purchase of a $495 digital affiliate and a monthly payment of $150 you can start building your community of members right away.

The Power Save Account compensation plan consists of six partner ranks, each with specific eligibility criteria. These ranks and their respective qualifications are as follows:

1. Digital Affiliate (DBO): To achieve this rank, you need to register as a TranzactCard affiliate, pay monthly dues, and personally invite at least three TranzactCard retail members.
2. Manager: To qualify as a Manager, you must continue paying monthly dues, establish and maintain twelve TranzactCard retail members in your downline, and recruit and maintain three digital affiliates or higher.
3. Senior Manager: As a Senior Manager, you need to continue paying monthly dues, establish and maintain thirty-nine TranzactCard retail members in your downline, personally hire and maintain three managers or higher, and maintain a general downline of twelve DBOs or higher affiliates.
4. Vice President: To reach the Vice President rank, you must continue paying monthly dues, establish and maintain one hundred twenty TranzactCard retail members throughout your downline, personally hire and maintain three Senior Managers or higher, and maintain a common downline of thirty-nine DBOs or higher affiliates (with at least nine being a Manager or higher).
5. Senior Vice President: As a Senior Vice President, you need to continue paying monthly dues, personally direct and support six TranzactCard retail members, create and support seven hundred and twenty-six TranzactCard retail members throughout your downline, personally hire and support six Vice Presidents or higher, and create and support a total downline of two hundred and forty DBO affiliates or higher (with at least fifty-four being Managers or higher).
6. President: The highest rank is President, which requires you to continue paying monthly dues, personally direct and support nine TranzactCard retail members, create and support one thousand eighty-nine TranzactCard retail members throughout your downline, personally hire and support nine Vice Presidents or higher, and create and support a total downline of three hundred sixty DBO affiliates or higher (with at least eighty-one being a Manager or higher).

It’s important to note that the required attracted retail customers can be either personally attracted customers or affiliates attracted below the line. Additionally, both attracted retail customers and hired affiliates must pay monthly dues to qualify for rank qualification.

Also, since there is no reliable product (only a card) except for simply recruiting participants to invest in a business with a monthly fee, it is also similar to a Ponzi scheme.

Opinion of Users

Some people think that this MLM is just a way of doing business. For example, there are entire threads on Reddit in which there are debates about fraud around MLM.

We also can’t say 100% that it’s a fraud, but we advise you to watch out for companies when the CEO has such a bad history with his previous companies.

What Should I Do If I Become a Victim of TranzactCard?

We understand the distress and concern you may be experiencing. Falling victim to scams can have significant financial consequences. Taking prompt action is crucial to prevent the fraudster from profiting at your expense and to work towards recovering your misappropriated funds. We strongly advise you to contact us immediately for effective assistance.

Our dedicated team of legal experts is ready and available to support individuals in your situation. You can reach out to us at any time, and we will leverage our resources to attentively listen to your concerns and provide expert guidance.